Company No: 11755778 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTOR	Nafeesah Nembhard
REGISTERED OFFICE	Emperor Way
	Exeter Business Park
	Exeter
	Devon
	EX1 3QS
	United Kingdom
COMPANY NUMBER	11755778(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

		31.03.2021		31.03.2020
	Note	£		£
Fixed assets
Tangible assets	3	232		297
		232		297
Current assets
Debtors	4	38,707		21,924
Cash at bank and in hand	5	677		569
		39,384		22,493
Creditors
Amounts falling due within one year	6	( 18,775)		( 12,381)
Net current assets		20,609		10,112
Total assets less current liabilities		20,841		10,409
Creditors
Amounts falling due after more than one year		( 10,000)		( 4,763)
Provisions for liabilities	7	( 44)		( 56)
Net assets		10,797		5,590
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		10,796		5,589
Total shareholder's funds		10,797		5,590

For the financial year ending 31 March 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Phee The ODP Ltd (registered number: 11755778) were approved and authorised for issue by the Director on 16 November 2021. They were signed on its behalf by:

Nafeesah Nembhard Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period.

General information and basis of accounting

Phee The ODP Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Emperor Way, Exeter Business Park, Exeter, Devon, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Phee The ODP Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery - 20%

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Year ended 31.03.2021		Period from 08.01.2019 to 31.03.2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2020	348		348
At 31 March 2021	348		348
Accumulated depreciation
At 01 April 2020	51		51
Charge for the financial year	65		65
At 31 March 2021	116		116
Net book value
At 31 March 2021	232		232
At 31 March 2020	297		297

4. Debtors

	31.03.2021		31.03.2020
	£		£
Trade debtors	2,215		384
Amounts owed by associates	10,800		576
Other debtors	25,692		20,964
	38,707		21,924

5. Cash and cash equivalents

	31.03.2021		31.03.2020
	£		£
Cash at bank and in hand	677		569

6. Creditors: amounts falling due within one year

	31.03.2021		31.03.2020
	£		£
Other creditors	1,249		1,249
Corporation tax	17,526		11,132
	18,775		12,381

7. Deferred tax

	31.03.2021		31.03.2020
	£		£
At the beginning of financial year/period	( 56)		0
Credited/(charged) to the Statement of Income and Retained Earnings	12		( 56)
At the end of financial year/period	( 44)		( 56)

8. Called-up share capital

	31.03.2021		31.03.2020
	£		£
Allotted, called-up and fully-paid
1 ordinary share of £ 1.00	1		1

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	31.03.2021		31.03.2020
	£		£
Debtor owed by company under common control: Splint Kit Ltd	10,800		576

No interest has been charged on this balance and there is no fixed date for repayment.

Transactions with the entity's director

	31.03.2021		31.03.2020
	£		£
Debtor owed by the director	25,604		20,876

Interest has been charged on this balance at 2.25% and there is no fixed date for repayment.